Australia's first retail Islamic bank receives restricted licence
Australia’s first-ever retail Islamic bank is hoping to launch towards the end of 2023 or early 2024 after receiving its preliminary banking licence earlier this week.
London: Islamic Bank Australia (formerly IBA) received its Restricted Authorised Deposit-taking Institution (Restricted ADI) licence from the Australian Prudential Regulation Authority (APRA) on Tuesday (5 July).
The Restricted ADI has specific criteria such as only accepting up to AUS$2million ($1.35 million) in deposits and is a precursor to a fully-fledged ADI licence where an institution can accept deposits and be involved in retail banking activities.
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